Ascot Underwriting Ltd (Ascot), a managing agent at Lloyd’s of London has selected AIR Worldwide to provide risk modelling software to manage its catastrophe risk. Ascot has licensed AIR’s CATRADER and CLASIC/2 software applications and will use AIR’s modelling technology to manage its catastrophe risk globally.
“AIR provides detailed, scientifically advanced and easy-to-use catastrophe modelling applications that will aid us in our underwriting and accumulation control, and allow multiple permutations of portfolio review,” said Ascot Risk Manager Robert Dimsey. “We took this strategic decision to implement AIR’s modelling technology across our full range of business to enhance our direct, facultative and catastrophe treaty underwriting worldwide.”
CLASIC/2 allows insurers to estimate catastrophe loss potential at any level of detail down to an exact street address. It accounts for construction and occupancy type, building age and height, and more than 30 risk-specific structural details. CLASIC/2 incorporates an NWP-based extratropical cyclone model for Europe. With this capability, insurers can model European windstorm losses at the individual risk and policy level utilising risk modelling techniques based on the actual physics of the atmosphere.
Ascot will also be using CATRADER, AIR’s industry standard treaty reinsurance application. CATRADER includes a unique U.S. property value exposure database that draws on information from AIR’s new residential replacement valuation tool, ISO HomeValue, and ISO’s extensive SPI database of commercial properties.
“Over the past year we have extended the scope of CLASIC/2, our detailed modelling system, to include Europe, and made it easier for cedants and reinsurers to exchange detailed exposure data,” added Neil Wiseman, managing director of AIR Ltd. in London. “Our relationship with Ascot represents AIR’s expanding involvement with many key syndicates in the Lloyd’s market and we’re very excited at the prospect of working with the highly professional team of underwriters and analysts at Ascot.”
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